Goods And Services Flashcards
What is a consumer?
A consumer is someone who buys goods and services to satisfy needs and wants.
What are free goods?
Free goods are provided by nature. Individuals use them without making any form of payment
What are economic goods?
Economic goods are produced using scarce resources. People have to pay for them and they are not abundant in supply
What are private goods?
Private goods are goods that consumers buy for their personal use. Consumption of a private good by one individual prevents another individual from consuming it
What is a public good?
A public good is a good or service that is provided only by the government.
What is a government
A government is a form of authority who control the country
What is tax?
Tax is a compulsory contribution to the government by individuals, workers and businesses.
What are consumer goods?
Consumer goods are goods which satisfy human needs and wants through their consumption or use.
What is a durable good?
Durable goods are goods which last for a long period of time
What is a non durable good?
Non-durable goods are goods that are consumed over a short time period as they have a limited lifespan.
What is a producer good?
Producer goods are man-made goods used to produce other goods and services.
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What is services?
Service is an aid that satisfies the one who consumes it though it cannot be touched.
